⚡️BC Launches Portal For Tenant Evictions

Good morning!☀️

Ready to kickstart your day? Take 5 minutes to recap all the major news headlines from this week.

⚡Top Story

BC Amends Eviction Rules and Launches Landlord Web Portal

Launching on July 18, 2024, a new BC website will protect renters from bad-faith evictions and aid landlords in reclaiming units. Landlords must use the Landlord Use Web Portal, which will increase notice periods, extend dispute times, and impose penalties for bad-faith evictions. This will ensure transparency and standardize the eviction process.

Click here to read the announcement by the Province of BC.

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📍British Columbia

BC Announces New Solar Panel Rebate up to $5,000

BC has announced rebates for solar panels and battery storage systems, which will launch in July. Solar panel rebates are up to $5,000, calculated at $1,000 per kW, while battery storage rebates are up to $5,000, calculated at $500 per kWh. Full eligibility details and application procedures will be available later this month.

Click here to view the eligibility criteria and how to apply.

Metro Vancouver Reaches Highest Inventory Since 2019

In June, Metro Vancouver’s housing market favoured buyers, with inventory at its highest since 2019. Sales dropped 19.1% from last year. New listings rose 7%, and total inventory increased by 42%. The benchmark price was $1,207,100, slightly up 0.5% annually. Despite fewer transactions, well-priced properties sold quickly. Bowen Island had the highest price increase at 9.2%.

Click here to read the full report by GVR.

Semiahmoo Mall in South Surrey Will Be Replaced by Towers

First Capital plans to redevelop Semiahmoo Shopping Centre in South Surrey, adding two 20-storey and one 12-storey towers comprising 554 residential units and 45,000 sq. ft. of commercial space. Despite mixed resident feedback, the city council approved the project, reflecting a trend of redeveloping shopping malls into mixed-use urban spaces in Canada.

Click here to read the full story by Storeys.

📍Ontario

Ontario’s Rent Increase Cap is the Lowest in Canada at 2.5%

Ontario’s 2025 rent increase guideline is set at 2.5%, the lowest in Canada and below the 3.1% inflation rate. This cap protects tenants from steep rent hikes. This affects 1.4 million households, excluding newer units and specific properties. Landlords must notify tenants 90 days prior and can seek higher increases for specific capital improvements.

Click here to read the full story by the Province of Ontario.

1,808 Units Proposed to Replace Mississauga Shopping Mall

Dezen Realty proposes redeveloping Streetsville Centre Plaza in Mississauga into a mixed-use community near Streetsville GO station. The 10.4-acre site, designed by SRM Architects, will feature 1,808 residential units, commercial spaces, and public areas. The Cuchulainn’s Irish Pub will be preserved, and future phases will add a public park and market square.

Click here to read the full story by Urban Toronto.

69-Acres of Land in Brampton and Caledon Enter Receivership

Maplequest Ventures’ development lands in Brampton and Caledon have entered receivership after defaulting on nearly $90 million in loans. Plans for the lands include townhomes, mid-rise, and high-rise apartments. Missed interest payments led to a receivership application, highlighting financial challenges for developers in Ontario. KSV Advisory will manage the assets.

Click here to read the full story by Storeys.

🍁National

Pension Funds Shift Investment Strategies Due to Losses

According to Bloomberg, major Canadian pension funds have suffered losses due to the commercial real estate downturn. CPPIB faced a 5% loss, PSP Investments 16%, and CDPQ 6.2% in 2023. OTPP saw its worst performance in two decades. Increased borrowing costs have prompted these funds to overhaul operations and shift investment strategies.

Click here to read the full report by Bloomberg.

📅Save These Dates

July 5, 2024, 5:30am | Unemployment Rate

July 16, 2024, 5:30am | Inflation Rate YoY

July 24, 2024, 6:45am | BoC Interest Rate Announcement

💭Quote of the Day

😯Random Fact of the Day

Did you know… sharks existed before trees! Sharks have been around for about 400 million years, whereas the first trees appeared around 350 million years ago.

You’re all caught up! Enjoy the rest of your day.✅